N440m debt: AMCON seizes Doggi Group’s Abuja assets
Asset Management Corporation of Nigeria AMCON has taken over assets belonging to Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited over N440million debt.
This is sequel to the order of a Federal High Court; Abuja Division presided over by Justice A.I Chikere, which was made on June 5, 2020.
AMCON in compliance with the enforcement order on Thursday June 18, 2020 took effective possession of the two landed property through its Receiver – Mrs. Juliet Benson of Benson Reeds Legal Practitioners, which include landed property situated at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory FCT, Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.
It was however gathered that the case involving Doggi Group Limited and its promoter has been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets EBA, purchase from Union Bank Plc since 2011.
Investigations showed that the corporation had offered the obligor a good measure of amicable settlement options while exploring all avenues to resolve the matter without litigation, to which the obligor, and his company, Doggi Group Limited remained recalcitrant and unwilling to repay the huge debt to the corporation.
The corporation expressed gratitude to the Federal High Court for working on behalf of Nigerians to recover some of the debts owed the country by a few individuals despite the challenges posed by the dreaded coronavirus pandemic to institutions including the judiciary.
Recall that President Buhari last year signed the 2019 Amended AMCON Bill enacted by the National Assembly into law, which gives AMCON additional powers to go after all obligors of the corporation who for years have refused to repay their loans.